BI Survey: Indonesia's retail sales rise 2.4% y/y in July - USD/IDR sits at six-week lows
|According to the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, Indonesia's retail sales rose 2.4% on the year in July vs. a 1.8% drop seen in June.
The survey predicted retail sales would rise 3.7% on an annual basis in July, in the wake of the country's independence day, Reuters reports.
Retail sales were mainly backed by the sales of automotive spare parts and accessories as well as food, beverages, and tobacco.
The Indonesian Rupiah (IDR) remains on the front foot for the fourth straight session today, with USD/IDR wavering just ahead of the 14,000 level, modestly flat on the day. The cross hit fresh six-week lows of 14,024 in early dealings this Tuesday.
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